CALCHAS & THOAS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CALCHAS & THOAS
Largest movements
- Receivables within one year +€11,034
up €11,034 (+136%), from €8,116 to €19,150
- Cash -€6,763
down €6,763 (-5.1%), from €133,597 to €126,834
mainly Contributions, distributions and other (-€53,949) and Trade debts (-€29,946)
- Trade debts -€29,946
down €29,946 (-24.9%), from €120,219 to €90,273
- Other debts +€15,071
up €15,071 (+38.8%), from €38,878 to €53,949
- Reserves +€13,000
up €13,000 (+12.3%), from €105,579 to €118,579
of which Distributable reserves: +€13,000
- Gross operating margin +€15,311
up €15,311 (+16.9%), from €90,402 to €105,712
- Taxes -€8,910
down €8,910 (-32.5%), from €27,453 to €18,543
- Staff costs +€2,997
up €2,997 (+37.4%), from €8,017 to €11,014
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,311 | €323,640 | +€1,329 | +0.4% |
| Fixed assets | 21/28 | €1,837 | €1,710 | -€127 | -6.9% |
| Tangible fixed assets | 22/27 | €1,837 | €1,710 | -€127 | -6.9% |
| Furniture and vehicles | 24 | €1,837 | €1,710 | -€127 | -6.9% |
| Current assets | 29/58 | €320,474 | €321,930 | +€1,456 | +0.5% |
| Stocks and contracts in progress | 3 | €126,762 | €123,946 | -€2,816 | -2.2% |
| Stocks | 30/36 | €126,762 | €123,946 | -€2,816 | -2.2% |
| Amounts receivable within one year | 40/41 | €8,116 | €19,150 | +€11,034 | +136% |
| Trade receivables | 40 | €8,116 | €19,150 | +€11,034 | +136% |
| Current investments | 50/53 | €52,000 | €52,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133,597 | €126,834 | -€6,763 | -5.1% |
| Total equity and liabilities | 10/49 | €322,311 | €323,640 | +€1,329 | +0.4% |
| Equity | 10/15 | €135,579 | €148,579 | +€13,000 | +9.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Capital | 10 | €30,000 | €30,000 | = | 0.0% |
| Issued capital | 100 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €105,579 | €118,579 | +€13,000 | +12.3% |
| Non-distributable reserves | 130/1 | €55,000 | €55,000 | = | 0.0% |
| Legal reserve | 130 | €3,000 | €3,000 | = | 0.0% |
| Own shares acquired | 1312 | €52,000 | €52,000 | = | 0.0% |
| Distributable reserves | 133 | €50,579 | €63,579 | +€13,000 | +25.7% |
| Amounts payable | 17/49 | €186,732 | €175,061 | -€11,671 | -6.3% |
| Amounts payable within one year | 42/48 | €181,982 | €170,325 | -€11,658 | -6.4% |
| Trade debts | 44 | €120,219 | €90,273 | -€29,946 | -24.9% |
| Suppliers | 440/4 | €120,219 | €90,273 | -€29,946 | -24.9% |
| Taxes, remuneration and social security | 45 | €22,885 | €26,103 | +€3,217 | +14.1% |
| Taxes | 450/3 | €22,885 | €26,103 | +€3,217 | +14.1% |
| Other amounts payable | 47/48 | €38,878 | €53,949 | +€15,071 | +38.8% |
| Accrued charges and deferred income | 492/3 | €4,750 | €4,736 | -€14 | -0.3% |
| Remuneration, social security and pensions | 62 | €8,017 | €11,014 | +€2,997 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €734 | €836 | +€101 | +13.8% |
| Other operating charges | 640/8 | €5,169 | €5,523 | +€354 | +6.8% |
| Gross operating margin | 9900 | €90,402 | €105,712 | +€15,311 | +16.9% |
| Operating profit (loss) | 9901 | €76,481 | €88,339 | +€11,858 | +15.5% |
| Financial income | 75/76B | €138 | €301 | +€163 | +118% |
| Recurring financial income | 75 | €138 | €301 | +€163 | +118% |
| Financial charges | 65/66B | €4,017 | €3,148 | -€869 | -21.6% |
| Recurring financial charges | 65 | €4,017 | €3,148 | -€869 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €72,602 | €85,493 | +€12,890 | +17.8% |
| Income taxes | 67/77 | €27,453 | €18,543 | -€8,910 | -32.5% |
| Profit (loss) for the period | 9904 | €45,149 | €66,949 | +€21,800 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,149 | €66,949 | +€21,800 | +48.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.